Matapos ang anunsyo ng pamamaalam ng ABS-CBN TeleRadyo, inanunsyo din ng ABS-CBN Corporation na pumasok sila sa isang joint venture agreement sa Prime Media Holdings, Inc..
Sa isang form na ibinigay ng ABS-CBN sa Securities and Exchange Commission (SEC), idinetalye ng Lopez-led content provider ang naging agreement nito sa Prime Media Holdings.
Base sa rito, binili ng ABS-CBN ang 49% stocks ng magiging joint venture deal ng dalawang media company sa halagang ₱100 million, habang ang 51% ay mananatili sa Prime Media Holdings.
Batay naman sa ilang artikulo, ito raw ang magsisilbing dahilan upang magbalik ang ABS-CBN sa AM at FM radio.
Ayon dito, bubuo ng committee ang Prime Media Holdings at ABS-CBN Corporation na bubuuin ng 9 na miyembro: 5 mula sa Prime Media at 4 mula sa ABS-CBN.
“The JVA [Joint Venture Agreement] entered into by Prime Media and ABS-CBN is primarily for the purpose of developing, producing, and financing content, programs, and shows for distribution by other broadcast networks, channels, or platforms, locally and internationally,” ayon sa pahayag ng ABS-CBN Corporation.
Dagdag nila, “The new company will produce various programs, which will be supplied to broadcasters and other 3rd party platforms, including Philippine Collective Media Corporation,”.
Sa parte naman ng Prime Media Holdings, Inc., ang kanilang kasunduan sa mga Lopez will “formalize the agreement to develop, produce, and finance content, programs, and shows for distribution to local and international networks, channels, and platforms.”
Ang Prime Media Holdings ay isang media company na hawak ni House Speaker Martin Romualdez, na isa sa 70 kongresistang bumoto laban sa franchise renewal ng ABS-CBN Corporation noong 2020.